Paid Mortgage

[Anonymous]

Hi all,

Showed recent alert stating I did make my last mortgage payment.  Paid off a little early but no change....any ideas?

	Previously reported	Newly reported
Balance:	$8,319	$0
Past due:	$0	$0
Status:	Pays account as agreed	Pays account as agreed
Last activity:	3/1/2010	3/1/2010
Description:	Real estate mortgage Second mortgage	Closed or Paid Account/Zero Balance Real estate mortgage

[Lel]

Congratulations on paying off your mortgage!  I'm still about 20 years away from that goal.

Paying off an installment loan does not typically result in a significant FICO score change, if any.  It's not like paying off a large credit card balance.  So it's not really surprising that you didn't have any score change.

The paid and closed mortgage loan will remain on your credit report for the next 10 years as a positive factor, and will demonstrate a history of managing a diverse mix of credit types.

[MarineVietVet]

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@Anonymous wrote:

Hi all,

Showed recent alert stating I did make my last mortgage payment.  Paid off a little early but no change....any ideas?

	Previously reported	Newly reported
Balance:	$8,319	$0
Past due:	$0	$0
Status:	Pays account as agreed	Pays account as agreed
Last activity:	3/1/2010	3/1/2010
Description:	Real estate mortgage Second mortgage	Closed or Paid Account/Zero Balance Real estate mortgage

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This is the ONLY thing you should think about. What an accomplishment. I hope to be there in about 8 years (or less).

Congratulations!!!

[Anonymous]

Wow!  Congrats on paying off your mortgage - that's always great news but it seems even cooler given the current mortgage situation in our nation.

If you're looking at ways to increase your FICO score, give us a little more info on  what's currently on your reports and you'll get some great input.

And, once again, Woop-woop!  Definitely party time.  Hope you did some celebrations on that mortgage payoff.

[happy0510]

Congrats Lefty,

You are a true inspiration!!

Happy

[Anonymous]

Congrats, Lefty! As Lel said, paying off this account won't necessarily change your scores, but it does give you some extra money each month to put towards revolving credit debt, if you have any. Paying your utilization down if you have any should give you a boost in your scores more than paying off this mortgage did.

[Anonymous]

I am very lucky,  No bills other than utilities, still trying to get a few things off the CR but working diligently to get them taken care of.  Thanks for all the responses.

[Anonymous]

is there ever a time when paying off a mortgage early could hurt my FICO score?

[Lel]

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@Anonymous wrote:

is there ever a time when paying off a mortgage early could hurt my FICO score?

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Probably not.  Paying off the mortgage doesn't make it disappear from your credit reports - it will remain for at least 10 years, and assuming that it was an account in good standing, it will continue to have a positive effect on your score.